10- a utility company operating in a rapidly growing area where energy requirements have been expanding at an unprecedented rate. Utah Construction has recently completed development work on its Dayton deposit near Carson City, Nevada, and we have a substantial body of iron ore that will necessitate beneficiation to upgrade the iron content and to remove impurities in the form of excessive sulphur. We plan to bring this property into operation as quickly as possible and have negotiations under way which, if successful, will more than double our annual sales of domestically produced iron ore. While I am not prepared to say that our profits will increase proportionately, certainly they will increase substantially and the life of our domestic iron ore operations will be extended by virtue of these additional important iron ore reserves. The Pima Mining Company currently mines and mills about 3,800 tons of copper ore daily, and its Board of Directors has approved in principle a program that will about double this rate in order to mine the additional low grade copper ore reserves in Pima's northeast ore body. The Pima Board has appropriated the funds necessary to acquire the additional equipment for mining and stripping, which is the necessary first step in this program, and engineering of the expanded mill capacity is nearing completion. This expansion program will cause a modest increase in the current level of annual earnings that Pima enjoys and more importantly it will extend the life of the company by 10 and possible 20 years by utilizing these lower grade ores after the higher grade ores on which the company is presently operating are exhausted. The Marcona Mining Company has a continuing program of expansion